Toyota’s Net Profit Increases 19.2%
Toyota's global net income increased 19.2% to $19.8 billion in its fiscal year. The Japanese automaker said that it is expecting great profits another year.
In North America, the company witnessed string sales and it even performed better in Europe. However, then also Toyota's global sales have declined by 144,169 vehicles to 8.97 million. The company witnessed not so strong sales in Japan in the fiscal year.
Its net revenues increased 6% amounting $248 billion. Toyota stated that it is not expecting to see as many vehicles at the global level as in past fiscal year. The company is expecting global sales of 8.9 million cars and trucks.
After witnessing a 19% jump in the net profit in the year ended on March, the world's top selling automaker said that it is expecting the profit to increase 3.5% this fiscal year to 2.25 trillion yen. The expected amount is less than an average estimate of 2.44 trillion yen made by 27 analysts who took part in a Thomson Reuters survey.
Toyota is expecting its operating profit will increase 1.8% this year to 2.80 trillion yen. As per the company, the dollar would assume average 115 yen this year. The earnings forecast have come at a time when Toyota's total vehicle sales will decline 0.8% this year to 8.90 million from 8.97 million last year.
The company is expecting great sales in North America. The sales will increase 4.2% to 2.83 million from 2.715 million last year, which means that it has not considered the effect on profit from weaker Asia sales and markets in Russia and the Middle East due to oil price decline.
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